U.S. Bitcoin spot ETFs have absorbed $12.3 billion of net inflows since launching three months ago. Just how much have they impacted the broader Bitcoin market?
Lead Glassnode analyst James Check provided analysis on Wednesday measuring the effect of Bitcoin ETFs next to the asset’s existing futures and spot markets – using on-chain data.
Grayscale And Long Term Holders
The analyst began by examining the Grayscale Bitcoin Trust (GBTC) – the sole new Bitcoin ETF that’s suffered massive and consistent outflows since January 11.
The fund has lost roughly 300,000 BTC since that time, close to half of its total holdings. However, the rising value of the existing BTC on its balance sheet has meant its net asset value has only declined from $28.7 billion to $23.1 billion, leaving plenty more room for sell-side pressure from the fund.
“GBTC is gonna be classified as long-term holder supply,” said Check. Most coins within the fund are held by older investors who acquired shares at a
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